Welcome to the debut edition of Monday’s Money Medicine. It’s a weekly medicine cabinet, so to speak, full of tips that can help you improve your financial health.
For 10 years, I’ve written about various aspects of money — credit cards, loans, budgeting and so forth. And believe me, I’ve wished on more than one occasion that I could call on a money doctor to treat my financial ailments. I’ve made more than my share of money mistakes.
With this weekly newsletter, I aim to dispense tips that you can apply right away to your own finances or can share with others. We all need a dose of financial guidance from time to time. (I’m not a certified financial adviser, so if you need in-depth advice about investments or other financial matters, consult a financial professional.)
Here’s to your financial health!
Your Money Doctor,
Money Medicine prescription of the week
The coronavirus pandemic and recession have made it clear that a financial emergency can happen at any time. However, most of us aren’t equipped to cope with a financial emergency.
So, do you have an emergency fund in case you lose your job or face an unexpected expense? If not, now is the time to get started.
As a rule of thumb, your emergency fund should contain enough money to cover three to six months’ worth of everyday expenses like mortgage, rent, car payments, utility bills and credit card bills.
Don’t wait till you’re in the midst of a financial emergency to think about an emergency fund. Be prepared before a financial emergency happens.
Here’s a curated collection of money prescriptions that can help protect or heal your financial health. (Full disclosure: Some of these links are from websites that I write for. They have not paid me to include these links.)
Avalanche, Snowball, or Landslide — Which Credit Card Payoff Strategy Works Best?
time.com/nextadvisor/credit-cards/how-to-pay-off-credit-card-debt/
How to Save Money During a Recession
experian.com/blogs/ask-experian/how-to-save-money-during-a-recession/
7 Smart Spending Strategies in a Tough Economy
money.usnews.com/money/personal-finance/articles/smart-spending-strategies-in-a-tough-econo
How to Build and Use an Emergency Fund
experian.com/blogs/ask-experian/what-is-an-emergency-fund-used-for/
10 Tips From Chip and Joanna Gaines to Fix Up Your Finances
moneywise.com/a/financial-tips-from-chip-and-joanna-gaines
How to Save for a Down Payment on a House
walletjoy.com/save-for-house-down-payment/
This Personal Finance App Helps You Get the Most Out of Your Money
entrepreneur.com/article/352102
Microsoft Starts Rolling Out Money in Excel Personal Finance-Management feature
zdnet.com/article/microsoft-starts-rolling-out-money-in-excel-personal-finance-management-feature/
5 Free Personal Finance Courses That Will Help You Get Better With Money
cnbc.com/2020/04/23/free-personal-finance-courses-to-get-better-with-money.html
Here Are 100 Personal Finance Terms You Should Know
businessinsider.com/glossary-50-personal-finance-terms-you-should-know
5 Personal Finance Tips for Small Business Owners
forbes.com/sites/allbusiness/2020/02/23/personal-finance-tips-small-business-owners
How Our Personal Finance Writers Are Adjusting Their Spending
nytimes.com/2020/05/07/reader-center/money-questions.html
4 Crucial Strategies You Need When Investing for Retirement
moneycrashers.com/strategies-investing-for-retirement/
Did you enjoy your dose of Monday’s Money Medicine? If so, prescribe it to someone else who can subscribe to the Monday’s Money Medicine newsletter!
Debut edition of Monday’s Money Medicine
Nice beginning - a suggestion for the future would be to discuss the importance and benefits of having a real financial plan (not back-of-the-napkin). Takes the guessing out of retirement saving, paying down debt, seeing your financial future in black and white. See how your current decisions directly impact your future goals. Just a thought.